Question: The data from Exercise for lot size (in acres) and assessed value (in thousands of dollars) of a sample of homes in a particular area

The data from Exercise for lot size (in acres) and assessed value (in thousands of dollars) of a sample of homes in a particular area are on the WeissStats CD. Specified value of the predictor variable: 2.5 acres.
Use the technology of your choice to do the following tasks.
a. Decide whether you can reasonably apply the conditional mean and predicted value t-interval procedures to the data. If so, then also do parts (b)–(f).
b. Determine and interpret a point estimate for the conditional mean of the response variable corresponding to the specified value of the predictor variable.
c. Find and interpret a 95% confidence interval for the conditional mean of the response variable corresponding to the specified value of the predictor variable.
d. Determine and interpret the predicted value of the response variable corresponding to the specified value of the predictor variable.
e. Find and interpret a 95% prediction interval for the value of the response variable corresponding to the specified value of the predictor variable.
f. Compare and discuss the differences between the confidence interval that you obtained in part (c) and the prediction interval that you obtained in part (e).

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